TIDMVELA TIDMNKTN
RNS Number : 5170B
Vela Technologies PLC
07 October 2015
Vela Technologies plc
("Vela" or the "Company")
Further financing and issue of equity announcement by Nektan
plc
Vela Technologies plc (AIM: VELA), the investing company focused
on early stage and pre-IPO disruptive technology investments, notes
the announcement released by Nektan plc ("Nektan") yesterday in
connection with Nektan having raised an additional GBP2.75 million
of further financing to support Nektan's overall growth
strategy.
Nektan is a portfolio company of Disruptive Tech Limited
("DTL"), in which Vela has made its largest investment to date.
Vela acquired 262,090 shares in DTL in August 2013 equating to a
0.63% interest in DTL's issued share capital.
Nektan will issue convertible loan notes to new and existing
investors raising GBP2.39 million, subject to the terms as detailed
in its announcement of 28 April 2015. Further, a total of 232,258
new ordinary shares in Nektan have been placed at a price of 155
pence per new ordinary share, raising gross proceeds of
approximately GBP0.36 million for Nektan. The new Ordinary Shares
have been placed with Octopus Investments Limited.
A copy of Nektan's announcement is below and a link to the
Nektan announcement can be found at:
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12528011.html
About Nektan
Nektan is the leading international B2B mobile gaming content
developer and platform provider. The Company designs, builds and
operates mobile games in the regulated, interactive real money
gaming ("RMG") and freemium gaming space, delivering original and
innovative content to large commercial organisations that have
established online audiences.
Nektan's full end-to-end technology platform, Evolve, simplifies
and supports the route to mobile and desktop gaming revenues,
managing the full customer experience and back-office operations,
allowing commercial partners to focus solely on marketing the
product to their consumers.
Nektan also operates a joint venture, Respin LLC, with Spin
Games LLC that provides US land-based casinos with in-venue mobile
technology and an innovative way of increasing revenue from
end-of-life cabinets whilst providing players new and innovative
content to play, which includes functionality on mobile devices.
Nektan is regulated by the Gibraltar Licensing Authority and the UK
Gambling Commission and has offices in Gibraltar, London and Las
Vegas.
For further information please contact:
Vela Technologies plc
Brent Fitzpatrick, Non-Executive
Chairman Tel: +44 (0) 7802 262 443
Antony Laiker, Director
Allenby Capital Limited
(Nominated Adviser)
Nick Athanas/Katrina Perez/James Tel: +44 (0) 20 3328 5656
Reeve
Vicarage Capital Limited
(Broker) Tel: +44 (0) 20 3651 2910
Rupert Williams/Jeremy Woodgate
Nektan plc
("Nektan", the "Company" or the "Group")
Further Financing of GBP2.75 million and Issue of Equity
Nektan plc (AIM: NKTN), the leading international B2B mobile
gaming content developer and platform provider, is pleased to
announce, following its announcements of 28 April and 29 May 2015,
that it has raised, through a further follow-on fundraising, an
additional GBP2.75 million through the issue of GBP2.39 million of
Convertible Loan Notes and a placing of 232,258 new Ordinary Shares
of GBP0.01 each ("Ordinary Shares") (together the "Fundraising").
In order to satisfy potential additional demand from new
institutional and private investors, a further follow-on
fundraising by way of subscriptions for Convertible Loan Notes and
/or placing shares is anticipated.
Nektan will issue Convertible Loan Notes to new and existing
investors raising GBP2.39 million through the issue of non-VCT and
VCT Loan Notes, subject to the terms as detailed in the Company's
announcement of 28 April 2015. The new Ordinary Shares have been
placed with Octopus Investments Limited at a price of 155 pence per
new Ordinary Share (being equal to the prevailing share price),
raising gross proceeds of approximately GBP0.36 million for the
Company (the "Placing Shares"). Octopus Investments Limited also
subscribed for GBP0.6 million of the total amount of GBP2.39
million issue of Convertible Loan Notes.
The net proceeds from the Fundraising will be used to support
the Company's overall growth strategy and maintain strong momentum
in its key markets by:
-- underpinning expansion in the US tribal and commercial casino
market by Nektan's US joint venture Respin, where it recently
announced continued significant momentum and now has 12 live
casinos and a further 22 signed contracts and/or letters of intent
with licensed casino operators; and
-- supporting the working capital requirements of the Group.
The Company has today allotted and issued the Placing Shares,
credited as fully paid and being identical to and ranking pari
passu in all respects with the existing Ordinary Shares.
Accordingly, an application has been made for admission of the new
Ordinary Shares to trading on AIM ("Admission"), and it is expected
that such Admission will become effective and that dealings will
commence on AIM at 8.00 a.m. UK (BST) time on 9 October 2015.
Following Admission, the Company's enlarged issued ordinary
share capital will comprise 22,806,635 Ordinary Shares. The Company
does not hold any Ordinary Shares in treasury. This figure of
22,806,635 Ordinary Shares may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the Financial Conduct Authority's Disclosure and Transparency
Rules.
Related party transaction
Octopus Investments Limited currently has a beneficial interest
in 15.5 per cent. of the issued share capital of the Company, and
its participation in the Fundraising consequently constitutes a
related party transaction under Rule 13 of the AIM Rules for
Companies. The Company's directors, having consulted with the
Company's nominated adviser, consider that the terms of the
Fundraising are fair and reasonable insofar as its shareholders are
concerned.
Gary Shaw, Executive Chairman of Nektan, stated:
"Respin, our US joint venture, is continuing to build on its
strong momentum as it accelerates the addition of new contracts
with casino partners for Xtraspin wheels. Slot machines fitted with
our Xtraspin wheels are generating revenue "coin in" uplifts in
excess of 30% for our casino partners. This additional funding,
which attracted a number of new investors as well as the continuing
support of existing shareholders, will be used principally to help
Respin further capitalise on its first mover advantage.
The Company continues to see strong quarterly growth across all
key performance indicators as Nektan maintains its progress and
strong momentum in our key markets in Europe and the US."
This information is provided by RNS
The company news service from the London Stock Exchange
END
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